Finolex Cables hits record high on earnings

Shares in Finolex Cables Ltd gain as much as 9.2 percent to hit a record high of 152.20 rupees after having risen 9.9 percent on Thursday when the maker of cable and wires reported better-than-expected earnings in the January-March quarter.

Domestic brokerage Sharekhan increased its price target for Finolex to 180 rupees from 152 rupees and retained a "buy" rating in a research note dated May 8.

Sharekhan called Finolex's cash flow "hefty" and said after a debt repayment of 540 million rupees ($9.00 million), the company had a "stronger balance sheet."